According to Mike Novogratz, CEO of Galaxy Digital, the next Bitcoin (BTC) bull run should be very different from the historical advances of cryptocurrencies in terms of history and interest.
Compared to previous bulls, Bitcoin’s next rally should focus more on utility rather than history, Novogratz predicted during a panel at the Token2049 crypto event on September 28.
According to the CEO, one of the biggest advances in history in 2017, was Bitcoin’s bull run in 2017, mostly historically, in reference to the cryptocurrency’s rally from $1,000 to $20,000 a year.
According to Novogratz, the 2017 bull run was essentially a story about people who distrust the government and want more privacy and decentralization. “It was Generation Z, the Millennium Revolution, and it was global. That’s a powerful story,” the CEO said.
Novogratz said that Bitcoin, which hit an all-time high above $69,000 in November 2021, was another huge rally “really driven” by the COVID-19 pandemic. He noted that price action in 2020 and 2021 “may have been 80% historical and 20% beneficial,” referring to the increasing use of digitization in the midst of the pandemic.
Mike Novogratz and Haslinda Amin from Bloomberg at Token2049. Source: Cointelegraph
“Ethereum and all the other layers are really starting to accelerate the work of creating a common blockchain on which we can build businesses,” Novogratz said.
Contrary to the aforementioned crypto upside, Bitcoin’s next rally should be “50% history, 50% interest,” Novogratz predicted, saying:
“There are people who build apps, people who build systems that are a) fast and scalable, b) easy to use. We don’t have it yet — that’s why we are what we are. But in the next few years they will emerge.”
During the session, Novogratz also encouraged the audience with his bullish anticipation of the “inevitability” of cryptocurrency success.
“There is a sense of inevitability that we are in the right place, the inevitability of bitcoin coming in,” Novogratz said. He also expressed confidence that Web3 and irreplaceable tokens will become an important part of the gaming space in the future.
Related: Bitcoin Analyst Who Named 2018 Bottom Warns ‘Bad Winter’ May See $10k BTC
In addition, the CEO noted that despite the ongoing crypto winter, Bitcoin has still outperformed a basket of different fiat currencies this year. “If you look at bitcoin compared to a basket of currencies, you can see that it is about 20% better than it is against the dollar,” Novogratz said.
As previously mentioned by Cointelegraph, Novogratz made several successful Bitcoin predictions. Going back to 2020, Novogratz predicted that Bitcoin would end the year above $20,000, which turned out to be an understatement, with the price of Bitcoin approaching $30,000 by the end of 2020.